Future Fund Oman (FFO), the latest investment initiative of the Oman Investment Authority (OIA), has announced its first batch of approved investment projects. These projects, with a total value of over USD 2 billion, include USD 1.6 billion from foreign investors and USD 571 million from FFO. The investments are expected to directly create more than 1,600 jobs, representing an important step in Oman’s economic diversification and development strategy.
The approved projects span ten key sectors, including technology, manufacturing, tourism, renewable energy and electric vehicles. In addition, small and medium-sized enterprises (SMEs) and start-ups will play a prominent role, with investments in food, healthcare, financial technology, e-commerce and more. This comprehensive approach reflects the FFO’s commitment to fostering innovation and growth across a broad range of industries, ensuring that both large and emerging companies contribute to Oman’s economic progress.
Mulham Al Jarf , Deputy President for Investments at the Oman Investment Authority, stated that these projects underscore the Fund’s commitment to fulfilling its strategic objectives, which include stimulating local economic growth, promoting collaboration with the private sector, attracting foreign investment and creating opportunities for Omani businesses and job seekers. He stressed that these projects represent just the beginning of the FFO’s efforts since its inception in January 2024.
The approved projects include transformative initiatives that position Oman as a leading country in innovative industries. Notable projects include the United Solar Polysilicon Plant in the SOHAR Port and Freezone, which will be one of the largest polysilicon production facilities in the world and the first of its kind in the Middle East. This plant will produce 100,000 tonnes of polysilicon annually, a key component for the renewable energy industry such as solar cell manufacturing.
Other key partnerships include the IDG Oman Fund, developed in collaboration with Chinese company IDG Capital, which will focus on ICT, renewable energy and electric vehicles. In addition, FFO has launched the EWP Oman Fund in collaboration with EW Partners, which will target key sectors such as ICT, energy, tourism and agriculture.
Future Fund Oman is also supporting a number of SMEs and start-ups in collaboration with fund managers such as Tanmia, ITHCA, Omantel and Cyfr Capital. These include IO Kitchen, an innovative cloud kitchen with over 30 virtual brands, Bima, an online insurance brokerage service, and Qpay, the first licensed Omani company to offer a buy now, pay later service. Other groundbreaking projects include BcLear Aligner, an AI-powered solution for braces, Nashid, a blockchain-based digital identity platform, and Antom, a digital finance platform that enhances the capabilities of the Omani fintech ecosystem.
The FFO was established in collaboration with the Ministry of Finance with a capital of USD 5.2 billion, which will be distributed over five years from 2024 to 2028. The fund strategically excludes investments in oil, gas and real estate and focuses on growth-oriented sectors that are in line with Oman’s Vision 2040.
Interested investors are invited to submit proposals via the dedicated platform https://futurefund.om/futurefund/.
Media Contact:
Fahad Al Toubi
+968 24745781
Fahad.AlToubi@oia.gov.om
www.oia.gov.om
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